President Donald Trump signed a major Dodd-Frank rollback into law Thursday, hoping to bring regulatory relief to community banks across the U.S. The president explained Dodd-Frank’s costly regulations gave large banks a negative advantage at the cost of small banks throughout the country. Click the headline to read more.

Items Tagged with 'wire fraud'

ARTICLES

Wire fraud victims have few options once they discover they’ve been had. But when minutes mattered, one Michigan homebuyer enlisted the help of a few friends—and made a recovery. In this play-by-play summary of a mortgage wire fraud, Thomas Cronkright walks through a timeline of a wire fraud, from discovery to resolution.

Cybersecurity experts on several panels at the MBA Tech conference in Detroit on Monday outlined the greatest risks the mortgage industry is facing right now and what companies can do to prepare.
Among the worst things that could happen? A ransomware attack. This extortion scheme has morphed in recent years, with individuals or companies offering ransomware-as-a-service, which puts another layer of criminality between you and your data.

Authentication software provider CertifID announced it has raised $1.7 million in its seed round of financing, led by Wakestream Ventures. The company was founded in 2017 by the owners and founders of Sun Title, and entrepreneur Tyler Adams, after Sun Title fell victim to a social engineering fraud scheme that cost the company almost $200,000.

Fraud is an issue that we don’t like to think about in the mortgage industry. Yet it always seems to be there, lingering on the fringe of our focus. From time to time, the topic bubbles up in the news or at a convention. We talk about it, give it the proverbial “15 minutes of fame", but rarely are we forced to alter the way we do business or invest large amounts into protecting ourselves from it.

Olympic Peninsula has been the target of wire fraud three times in the last six months. In the first instance, a hacker infiltrated one of the seller’s accounts on a $350,000 sale, but it was derailed when staff noticed the sender’s email address contained .com.za.

On Wednesday, U.S. District Judge John Gerrard ordered the former CEO of TierOne Bank to 11 years in prison. Why? Well, as it turns out, what happens in Vegas doesn't always stay in Vegas, especially when it comes to defrauding investors. Here's a breakdown of the criminal activity.

This month inHousingWire magazine

He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.

Feature

One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.

Commentary

Digital technology has disrupted businesses and industries from publishing to public transportation, so can the mortgage industry be far behind? Actually, anyone who’s applied for a mortgage recently will have recognized that things are already changing fast.